President Donald Trump on Thursday pardoned Changpeng ‘CZ’ Zhao, the Binance co-founder who pleaded guilty to a money laundering charge in 2023 and was jailed for four months in 2024.

Mr Trump, who has ties with Binance through his family’s crypto firm—World Liberty Financial—hosted on the largest crypto exchange platform, announced Mr Zhao’s pardon through White House press secretary Karoline Leavitt.

Ms Leavitt, in a statement, said Mr Trump “exercised his constitutional authority by issuing a pardon for Mr Zhao, who was prosecuted by the Biden Administration in their war on cryptocurrency.”

“The war on crypto is over,” the White House press secretary said as she criticised the former President Joe Biden administration, arguing that Mr Zhao’s sentence was too harsh.

Mr Zhao, in a social media post, said he was “deeply grateful for today’s pardon and to President Trump for upholding America’s commitment to fairness, innovation, and justice.”

He added, “Will do everything we can to help make America the capital of crypto.”

After Mr Zhao pleaded guilty and was jailed in 2024, he stepped down as CEO of Binance. The largest crypto platform also paid a $4.3 billion fine over the matter.